Financial News
Criteo stock slips again after KeyBanc, SunTrust downgradesExternal Link

Shares of Criteo SA are down 3.5% in premarket trading Tuesday after analysts at KeyBanc Capital Markets and SunTrust Robinson Humphrey cut their ratings on the stock, citing a report from AdWeek that suggested Alphabet Inc.'s Google might be considering changes to the targeting policies around its browser. "Incentives and anti-trust issues make a full [Intelligent Tracking Prevention]-like solution in Chrome very unlikely, in our view," wrote KeyBanc's Andy Hargreaves, referring to an Apple Inc. program that works similarly. "However, we will not be able to disprove the bear case until Google provides more clarity on its plans, which is likely to create an overhang on CRTO that we do not expect to ease in the near term." Hargreaves lowered his rating on the stock to sector weight from overweight. "Restriction to third-party tracking in Chrome could cause massive disruption to Criteo and the digital ad industry," he said. SunTrust's Matthew Thornton downgraded the stock to hold from buy and cut his price target to $24 from $32. He cited "uncertainty" around Google's plans and said that Chrome may account for half of Criteo's revenue, according to his estimates. "Thus the loss of targeting users on Chrome would likely have severe consequences and, in addition, could trigger the remaining browsers (e.g. IE/Edge, Opera) to follow suit (could push exposed revenue to 55%-60% of total by our estimate)," he wrote. Shares are down 5.8% over the past three months, while the S&P 500 has gained 13%.

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Tue, 26 Mar 2019 12:03:21 GMT
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Cronos shares slide 2% premarket after earningsExternal Link

Cronos Group Inc. said Tuesday it had revenue of C$5.6 million ($4.2 million) in the fourth quarter, up from $1.6 million in the fourth quarter of 2017. In the fourth quarter, Cronos swung to a loss, posting net losses of C$11.8 million, or 6 cents a share, vs. profits of $667,000, which amounts to a penny a share, in the year-ago quarter. The Canadian cannabis company said gross profit before fair value adjustments came to C$2.5 million, up from C$400,000 in the year-earlier period. The increase was driven by an increase in kilograms sold, the company said without providing a number. Operating costs rose to C$12.4 million in the quarter from C$2.9 million a year ago, driven by R&D costs, talent acquisition and professional and consulting fees for strategic initiatives, including the C$2.4 billion investment from Altria Inc. . For the full year, it said it had a loss of C$19.2 million, or 11 cents a share, after a profit of C$1.8 million, or 1 cent a share, in the year-earlier period. With just two estimates gathered by FactSet, there is no reliable consensus for the quarter or year. Shares fell 2% in premarket trade, but have gained 175% in the last 12 months, while the S&P 500 has gained 5%.

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Tue, 26 Mar 2019 11:55:36 GMT
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Nvidia stock gains after Piper Jaffray starts coverage with bullish ratingExternal Link

Nvidia Corp. shares are up 2.6% in premarket trading Tuesday after Piper Jaffray initiated coverage of the stock with an overweight rating. "In our opinion, margins bottomed in the fiscal fourth quarter of 2019, and we see significant margin expansion (and earnings growth) over the next several quarters," Kumar wrote. He's upbeat about a recovery in Nvidia's gaming business and expects this segment to post significant growth in the second half of the year. Kumar also sees big opportunity in Nvidia's data-center business given that the company "plays into the fast growing AI/VR and supercomputing markets." He wrote that Nvidia's recently announced acquisition of Mellanox looks promising as it could give a further boost to data-center efforts. Kumar set a $200 price target on the shares, which have climbed 31% over the past three months, while the S&P 500 has gained 13%.

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Tue, 26 Mar 2019 11:40:32 GMT
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All 30 Dow stocks trading higher in premarketExternal Link

The 131-point rally in futures for the Dow Jones Industrial Average is unanimous Tuesday, as all 30 components were rising in premarket trade. The biggest gainer was Nike Inc.'s stock , which rose 1.24%, followed by Apple Inc. shares , which climbed 1.20%. Among other gainers, shares of Boeing Co. rose 1.0% and J.P. Morgan Chase & Co. tacked on 0.9% ahead of the open.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 26 Mar 2019 11:38:11 GMT
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Alderya Therapeutics stock soars after conjunctivitis treatment trial meets key endpointsExternal Link

Shares of Aldeyra Therapeutics Inc. shot up 56% toward a 5-month high in premarket trade Tuesday, a day after closing at a 7-month low, after a phase 3 trial of the biotechnology company's allergic conjunctivitis treatment met its primary and secondary endpoints. Trading volume topped 440,000 shares, already more than the full-day average of about 310,000 shares. Aldeyra said it plans to meet with regulatory authorities in the second half of 2019 to discuss the results and remaining clinical requirements for potential submission of a new drug application (NDA) to the Food and Drug Administration. Separately, the company said it entered into a loan and security agreement with Hercules Capital Inc. that provides up to $60 million in financing. "The ALLEVIATE [trial] results suggest the potential of topical ocular reproxalap as a novel, safe, and effective therapeutic option that could be used to complement existing therapy before resorting to corticosteroids, which can lead to serious ocular toxicity," said Aldeyra Chief Medical Officer David Clark. The stock has lost 14.5% over the past 12 months while the iShares Nasdaq Biotechnology ETF has edged up 0.2% and the S&P 500 has gained 5.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 26 Mar 2019 10:51:05 GMT
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